News

SuperStream

From the 30 June 2016 all employers need to use SuperStream when paying super. This means paying super and sending employee information electronically in a standard format.

There are a number of options you can choose to implement SuperStream. Depending on what works best for your business you can choose to use:

your super fund’s online system

a clearing house

a payroll system that is SuperStream ready

a messaging portal

If you choose to use a Clearing House the ATO offers the ‘Small Business Superannuation Clearing House’ as a free online service, which we have found to be very user friendly and effective. If you are already using this service you can rest easy that you are SuperStream ready.

Important Information about myGov accounts

With the recent introduction of the myGov website and online portal the ATO are making more services available online. This means that important tax information will be uploaded directly to your myGov account rather than sent via the post to our office.

myGov is an online service which is a way to access information and services relating to your personal tax and superannuation matters. This however is becoming an issue with Tax Agents if you have linked the ATO to your myGov account.

As we do not have access to your myGov Inbox we will no longer receive the below information via the post:

Notice of Assessments;

Statements of Account;

Confirmation and lodgement reminder notices;

Activity Statements (BAS | IAS returns);

PAYG Notices

We have spoken with the ATO and the myGov helpline and unfortunately there is nothing we as your Tax Agent can do; however you are able to change your preferences via the below options.

If you have a myGov account and would like your ATO letters to be sent via R & D Accounting there are two options:

Unlinking the ATO from your myGov account, OR

Calling 13 28 61 to change your postal preference to paper

If you have any questions in relation to this matter please don’t hesitate to contact our office on 07 4639 3154.

2015 Budget:

This year's federal budget in many ways lived up to its hype. It was mostly a dull and boring affair - but there were some surprises.

Small business owners have plenty to smile about. The 1.5% tax rate cut has been confirmed, but it's also been extended to unincorporated small businesses to the tune of 5%. They'll also get an immediate deduction for all individual assets they have costing less than $20,000. Employee Share Scheme rules have been simplified, as have car expense claim deductions. But pension thresholds have been extended and part pension taper rates tightened.

For more information on the 2015 Budget please follow the links below: